Ethereum (ETH) Price Prediction: Will ETH Surpass $10,000 in 2024?

For some time now, the trend of Ethereum's price has been underperforming compared to Bitcoin, so much so that it cannot get back above 3,000 USD.

The price of Ethereum (ETH) has been lagging behind Bitcoin (BTC) for some time now, failing to reclaim the 3,000 USD mark. However, some forecasts suggest that this trend may be set to reverse.

While the price of ETH has soared to new yearly highs, reaching approximately 4,100 USD in early March, it has notably fallen short of setting new all-time highs, unlike BTC. Furthermore, ETH's decline from mid-March appears to have only come to a halt in September.

On September 6th, the price of ETH had dropped below 2,200 USD, but it has since remained above this threshold. Additionally, for the past ten days, the price has consistently remained above 2,500 USD.

These price levels are significantly lower than the peaks observed in 2024, with Ethereum currently sitting at a loss of -46% from its 2021 all-time highs, while Bitcoin is only at a loss of -13% from its all-time highs in March 2024.

To better understand this price dynamic, it is helpful to examine the historical trend of the ETH price expressed in BTC. Currently, the rate is 0.04 BTC per ETH, which is notably low. The last time the price was at this level was in April 2021.

During the altseason of April/May 2021, Ethereum surged to 0.077 BTC, eventually reaching 0.085 BTC in November of the same year, when it also set its all-time high in USD.

Until the transition to Proof-of-Stake in September 2022, the price of Ethereum in Bitcoin remained above 0.08 BTC, albeit not consistently. However, over the past two years, the price seems to be continuously falling.

While the price of Ethereum has been lagging behind Bitcoin for two years, this is not surprising as it is typically the norm. During bull runs, ETH often outperforms BTC, while in bear markets and the early stages of crypto market growth, ETH tends to underperform. Bitcoin usually initiates these later stages.

Predictions on the price of Bitcoin and Ethereum: ETH above 10,000 USD

In light of this, it seems logical to predict that, if a new bull run were to occur, the above trend could reverse, with Ethereum beginning to outperform Bitcoin.

Considering the all-time high of almost 4,900 USD set by Ethereum in November 2021, some believe that the second largest cryptocurrency could reach 10,000 USD next year.

Julien Bittel, the head of macroeconomic research at Global Macro Investor, specifically pointed out how the price trend of ETH in 2024 closely mirrors that of 2023.

In 2023, the price initially rose from 1,500 USD to over 2,000 USD, then dropped back to 1,600 USD, only to take off at the end of the year, reaching 3,500 USD.

If the end of 2024 were to follow the same trend as 2023, it could close the year well above 10,000 USD, perhaps even around 20,000 USD.

However, a comparison with the previous year is insufficient to support a forecast. Despite this, numerous analysts still set 10,000 USD as a possible target by the end of the year.

There are also similarities with the bull phases of 2017-2018 and 2020-2021.

The trend reversal

The key factor seems to be the reversal in ETH's performance relative to BTC.

For now, such a reversal has not yet occurred, given that ETH is at its lowest on BTC since April 2021, and it might not even happen in the medium/short term.

It should be noted that Bitcoin usually initiates bull run crypto cycles, and in the early stages of a bull run crypto, Bitcoin tends to outpace the prices of all the main altcoins.

However, if a true bull run were to begin, the altcoins could follow the rise of BTC, albeit underperforming it, and thus the price of Ethereum could also start to grow again, albeit less than that of Bitcoin.

This could bring Ethereum back to its highs, but it would most likely not be enough to reach 10,000 USD. At some point, however, in the case of a bull run, the rise of